With personal life insurance, you can modify the insurance amount: you can decrease the amount, or increase it if need be. Increasing the insurance amount almost always requires an approval. With the mortgage insurance, you have no option to modify the amount of insurance.

With personal life insurance, you can often change the term of insurance. Many term-10 products and some term-20 product can be further extended if need be. With mortgage life insurance, you cannot modify the continuation of the coverage.

Most term personal life insurance products can be converted to permanent life insurance. Mortgage life insurance is not convertible to permanent life insurance.

With personal life insurance, you can change your mortgage lender without changing the insurance contract. With most mortgage life insurance products, when changing the mortgage provider, you would have to renegotiate the insurance too.

With personal life insurance, you can appoint and change beneficiaries. With mortgage life insurance you cannot, the beneficiary is always the bank.